ProVision Communications Secures Venture Capital Funding For A Brighter Future In Wireless Video
22nd January 2008
Bristol-based ProVision Communications, which specialises in digital wireless video technology, has secured £750,000 in venture capital funding from the YFM Group-managed South West Venture Fund, Finance South West Growth Fund and NESTA Investments.
ProVision Communications, a spin-out from the University of Bristol, develops wireless video solutions for global clients, ranging from in-home media gateways to wireless video systems for sports and other spectator events. The company’s expertise covers most wireless standards, including WiFi, WiMAX and DVB-T.
ProVision’s technology has been proven in demanding situations and recently was successfully used to enable real-time multicast video streaming over WiFi at the 2007 World Rally Championship (WRC) Wales Rally GB. Spectators in the hospitality area were able to select from a choice of video channels showing different parts of the rally course, using WiFi enabled PDAs and smartphones equipped with ProVision’s software decoder.
Following successful demonstration of the technology, ProVision has been invited by the Government’s UK Trade & Investment export support body to showcase its wireless products at the GSMA Mobile World Congress 2008 in Barcelona in February.
David Sykes, CEO of ProVision, said: “After several years as a successful consultancy working for world-leading companies such as the BBC, Mitsubishi and Sky, we have identified an outstanding market opportunity which will enable us to develop into a technology-led consumer products company.”
He continued: “We are very pleased to have secured this investment which, combined with our world class expertise in wireless video technology, means we are well-positioned to meet the challenges ahead.”
Julian Dennard, Senior Investment Manager at YFM Group, managers of the South West Ventures Fund, added: “We are very pleased to have made this investment and look forward to working closely with ProVision Communications. With increasing demand for wireless products providing ease of connectivity and installation, there is potentially a huge market for its innovative offerings.”
ENDS
NOTES TO EDITORS:
YFM Group - South West Ventures Fund
The YFM Group managed South West Ventures Fund is a £21m fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £330,000 with an ability to invest a further £330,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £8.1m in 25 companies.
YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £300 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 45 investment professionals being employed across the UK.
South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services Authority.
For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk
Media enquiries:
To arrange an interview with South West Ventures Fund, please contact Matt Anderson or Hannah Roberts at Montage Communications on 0845 644 5404 / 07872 399 767
Alternatively please email: hannah@montagecomms.com
ProVision Communications
For further information about ProVision Communications, please telephone 0117 971 1120, log on to www.provision-comm.com or email info@provision-comm.com
Media enquiries:
To arrange an interview with ProVision Communications, please contact Helen Duncan or Bob Jones at Publitek on 01225 470000, or email helen.duncan@publitek.com
Finance South West is an £18 million investment fund that can provide commercial finance from £10,000 up to £1 million for buying, starting or growing a business in the Objective Two area of the South West. The company also offers business planning services and mentoring through a network of qualified professionals and a panel of non-executive directors to help businesses achieve their goals. The Finance South West Loan Fund has invested over £3 million in 58 small and medium-sized businesses, levering more than £4.5 million into the South West economy, safeguarding 160 jobs and creating 98. The Finance South West Growth Fund has invested a total of £4.1 million in nine companies, levering £13.7 million into the economy, creating or safeguarding 160 jobs.
Finance South West is part funded by the EU through the Objective Two Programme for the South West and is an £18m venture investment fund targeting small and medium sized enterprises in this region with a range of equity, mezzanine and debt capital.
Finance Cornwall Fund Managers Limited is an investment company authorised and regulated by the Financial Services Authority registered in England and Wales, number 05010380, registered address 14 High Cross, Truro, Cornwall, TR1 2AJ.
For further information visit: www.financesouthwest.co.uk
NESTA is the National Endowment for Science, Technology & the Arts. With endowed funds of over £300 million, its mission is to transform the UK’s capacity for innovation. It does this in three main ways: by working to build a more pervasive culture of innovation in this country; by providing innovators with access to early stage capital; and by driving forward research into innovation, with a view to influencing policy.